Pirc, the shareholder governance group, has highlighted an under-reported element to the great Barclays bonus debate. A lot of fuss is being made about how tough the company is now being on handing out cash bonuses – imposing a cap of £65,000 – but it is worth taking a closer look at the alternative deferred bonuses.

On page 33 of Barclays annual figures, the bank says it now "expects" to pay out £2bn in deferred bonuses. However, despite a commitment to pay this sum to its bankers, the amount appears neither in Barclays' 2011 profit and loss statement nor as a liability on the company's balance sheet.

This may be within the letter of the account rulebook, but it's a pretty aggressive interpretation, Pirc argues. Not least because the absence of committed deferred staff costs goes a long way to flattering the headline figure for shareholder returns. The returns – already looking pretty anaemic at 6.6% – are a major benchmark for bonus payouts.

Alan MacDougall, Pirc managing director, accuses Barclays of "very defective financial reporting". He said: "Now fundamental performance calculations are being carried out on the basis of misleading numbers, and bonuses are being paid out based on distorted profits, and then left out of the accounts. This is becoming a critical governance issue, and institutional shareholders must push for reform."